Slide 1: First Bancorp Acquisition of GrandSouth Bancorporation
Bank Local. LOCALFIRSTBANK.COM June 21, 2022 First Bancorp Acquisition of GrandSouth Bancorporation
Slide 2: Important Information for Shareholders and Investors
2 IMPORTANT INFORMATION FOR SHAREHOLDERS AND INVESTORS Caution Regarding Forward-Looking Statements This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding First Bancorp's and GrandSouth Bancorporation's expec
Slide 3: Acquisition of GrandSouth Bancorporation
3 ACQUISITION OF GRANDSOUTH BANCORPORATION ‒ Deepens South Carolina franchise in key markets ‒ Adds quality banking talent in multiple markets and business lines ‒ Creates opportunity to leverage product offerings across a scalable client base ‒ Contributes high quality balance sheet and earnings ‒
Slide 4: Overview of GrandSouth Bancorporation
4 #3 Deposit Market Share #1 Deposit Market Share #13 Deposit Market Share #7 Deposit Market Share 95 26 40 95 20 77 16 85 Fayetteville Columbia Wilmington Atlanta Greenville Charleston Orangeburg Anderson Source: S&P Global Market Intelligence Data as of or for the three months ended 3/31/22 (1) Co
Slide 5: Overview of Key GrandSouth Markets
5 Market Highlights & Employers Source: S&P Global Market Intelligence; demographic data as of 6/30/21 SOUTH CAROLINA’S BEST MARKETS Overview of Key GrandSouth Markets MSA Market Demographics • South Carolina’s most populous MSA • Ranked 7th on “Where the Jobs will be in 2020” by Forbes • Ranked #2
Slide 6: Partnering with a Premier South Carolina Bank
6 2.4% 8.9% 9.2% 10.2% 12.5% 14.0% 15.4% 15.9% 17.5% 17.8% 21.4% 21.8% 31.0% Bank 12 Bank 5 Bank 11 Bank 2 Bank 4 Bank 9 Bank 10 Bank 1 GRRB Bank 7 Bank 8 Bank 6 Bank 3 2.17% 2.47% 2.59% 2.60% 2.87% 3.00% 3.01% 3.05% 3.08% 3.22% 3.33% 3.34% 4.42% Bank 2 Bank 9 Bank 11 Bank 5 Bank 4 Bank 12 Bank 8 Ba
Slide 7: Our Combined Company
7 77 95 95 20 85 North Carolina South Carolina Columbia Charleston Myrtle Beach Greenville Charlotte Winston-Salem Greensboro Raleigh Morehead City Wilmington Asheville Assets $11.9 billion Loans $7.0 billion Deposits $10.5 billion Market Capitalization $1.4 billion Employees 1,395 Major Carolinas'
Slide 8: Transaction Terms
8 TRANSACTION TERMS (1) Based on FBNC’s closing price of $34.54 as of 6/17/22 (2) Based upon the price per share, 5,492,370 common shares of GRRB (inclusive of 282,828 Series A convertible preferred shares) as of 3/31/22, and 640,483 outstanding stock options with weighted average exercise price of
Slide 9: Key Transaction Metrics and Assumptions
9 Estimated Transaction Metrics Key Transaction Impacts to FBNC Fully-Phased EPS Accretion Initial Tangible Book Value Dilution Tangible Book Value Earnback High single-digits Mid single-digits ~3 years Pro Forma Capital Ratios at Close (2) TCE / TA 7.7% Total Risk Based Capital Ratio Leverage Ratio
Slide 10: Additional Information
10 ADDITIONAL INFORMATION Additional Information About the Proposed Transaction and Where to Find It This communication is being made in respect of the proposed transaction involving First Bancorp and GrandSouth Bancorporation. This material is not a solicitation of any vote or approval by the share